On July 2, TCL Zhonghuan Renewable Energy Technology Co., Ltd. (TCL Zhonghuan) issued multiple announcements declaring the completion of the equity settlement for its acquisition of DAS Solar Co., Ltd. (DAS Solar). Concurrently, the company launched a 45GW capacity upgrade and technological renovation project for BC (Back Contact) cells and modules.
Acquisition of DAS Solar: Completion of Controlling Stake Settlement
According to the announcements, TCL Zhonghuan finalized the relevant equity settlement for DAS Solar Co., Ltd. on July 2, 2026. All conditions precedent for this transaction have been fully satisfied or waived, and the corresponding equity and voting right arrangements have taken effect simultaneously. Consequently, DAS Solar will be included in the company's consolidated financial statements starting from the third quarter of 2026.
Following the completion of the transaction, TCL Zhonghuan will rapidly integrate DAS Solar's existing production capacity and resources to build a foundational scale of 20GW in cell capacity and 50GW in module capacity. This move will further bridge the company's capability gaps in the cell and module segments, accelerating its "wafer-cell-module" vertical integration strategy.
Advancing Technological Upgrades for BC Cells and Modules
In tandem with the completion of the DAS Solar settlement, TCL Zhonghuan simultaneously launched a capacity upgrade and technical renovation project for its BC cell and module production bases. The project covers a total capacity of 45GW, representing an aggregate investment of approximately RMB 2.6 billion.
Specifically, on the cell side, a total of 20GW of TOPCon cell capacity across two major manufacturing bases—Quzhou and Xinzhou—will be upgraded to the BC technology route. Among them, the 6GW project at the Quzhou base will be implemented by DAS Solar Co., Ltd., while the 14GW project at the Xinzhou base will be executed by DAS Solar Technology (Xinzhou) Co., Ltd.
On the module side, a combined 25GW of TOPCon module capacity across five major bases—Quzhou, Yixing, Tianjin, Jingshan, and Zhangzhou—will be transitioned to BC module capacity. Of this total, the 3GW Quzhou project, 8GW Jingshan project, and 1GW Zhangzhou project will be carried out by DAS Solar Co., Ltd. Meanwhile, the 4GW Yixing project will be managed by Huansheng Solar (Jiangsu) Co., Ltd., and the 9GW Tianjin project will be undertaken by Huansheng Solar (Tianjin) Co., Ltd.
The aforementioned technological upgrade projects are scheduled to commence in July 2026, with production expected to phase in starting from the end of the third quarter of 2026. The company anticipates that upon completion of the renovations by the end of the first quarter of 2027, its cell capacity will be entirely upgraded to the BC route, and approximately 50% of its module capacity will also be transitioned to the BC route.
Source：EnergyTrend